July 6, 2025 08:00 PM GMT Greater China Semiconductors | Asia Pacific Cloud Semis: Brighter Outlook Ahead With more clarity on Rubin architecture and ongoing ASIC growth in 2026, cloud semis could grow further in 2026. The near-term outlook remains positive for non-rack servers. We reiterate OW on Aspeed and Montage, and raise our Aspeed PT to NT$6100. Key Takeaways 2026 GPU server outlook turning more clear: Post our cloud semis upgrade (link), the key pushback has been the 2026 cloud capex outlook. It rem ...

Accessible version Semiconductors - Asia-Pacific Reflecting the upside from ASICs; raise PO on Aspeed, MPI and WT Micro Price Objective Change AI ASIC benefits CCL and also some S/M-cap semis We published a (see report) CCL deep-dive to discuss the dynamics in high-end market, where we flag 1) the importance of integrating different materials from different suppliers; and 2) a significant demand boost, thanks to the rise of AI ASICs. In conjunction with the CCL sector report and our PO increases on EMC and ...